NU Online News Service, May 23, 3:15 p.m. EDT–A National Association of Insurance Commissioners panel approved a receivership model act Thursday in a process insurance industry trade groups said was too rushed.

A joint letter signed by six insurance trade groups urged the Insolvency Task Force to adopt a longer comment period and set a hearing for the summer NAIC meeting next month, instead of current plans to approve it at that time.

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